An official said the body could rescue debt-hit countries such as Greece.
Economic and Monetary Affairs Commissioner Olli Rehn will 'inform' the full commission tomorrow of continuing talks on the issue, his spokesman said.
The plans will be centred on the 16 euro zone members, as the euro area has come under pressure as a result of the Greek budget crisis.
Mr Rehn's spokesman Amadeu Altafaj Tardio gave a tentative deadline of the end of June for full details on how and by whom the new body would be funded.
The International Monetary Fund gives out emergency loans to countries with troubled finances but strict conditions are usually attached.
German Finance Minister Wolfgang Schauble is in the forefront of the moves to beef up the EU's economic toolkit, telling a German newspaper at the weekend that 'for the internal stability of the euro zone, we need an institution that has the experience and power of the IMF'.
